Common use of Elevation of the Closing Date Participations Clause in Contracts

Elevation of the Closing Date Participations. (a) Subject to the terms and provisions of the applicable Closing Date Participation and of applicable law, the Seller and the Warehouse Borrower shall use commercially reasonable efforts to effect an Elevation, as soon as reasonably practicable, with respect to each such Closing Date Participation and take such action (including the execution and delivery of an assignment agreement) as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of each such Closing Date Participation and consistent with the terms of this Agreement. The Seller and the Warehouse Borrower shall pay any transfer fees and other expenses payable in connection with an Elevation and the Buyer will reimburse the Seller or the Warehouse Borrower for half of such fees and expenses after receipt of an invoice therefor from the Seller or the Warehouse Borrower detailing such amounts. The Buyer shall be responsible for any expenses of administering each Closing Date Participation prior to its Elevation. At Elevation, the Seller and the Warehouse Borrower shall deliver such assignment and the credit documentation with respect to the related Closing Date Participation in its possession to or as directed by the Buyer.

Elevation of the Closing Date Participations. (a) Subject to the terms and provisions of the applicable Closing Date Participation and of applicable law, each of the Seller and the Warehouse Borrower Borrower, as applicable, shall use commercially reasonable efforts to effect an Elevation, as soon as reasonably practicable, with respect to each such Closing Date Participation and take such action (including the execution and delivery of an assignment agreement) as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of each such Closing Date Participation and consistent with the terms of this Agreement. The Each of the Seller and the Warehouse Borrower Borrower, as applicable, shall pay any transfer fees and other expenses payable in connection with an Elevation and the Buyer will reimburse the Seller or the Warehouse Borrower Borrower, as applicable, for half of such fees and expenses after receipt of an invoice therefor from the Seller or the Warehouse Borrower Borrower, as applicable, detailing such amounts. The Buyer shall be responsible for any expenses of administering each Closing Date Participation prior to its Elevation. At Elevation, the Seller and the Warehouse Borrower Borrower, as applicable, shall deliver such assignment and the credit documentation with respect to the related Closing Date Participation in its possession to or as directed by the Buyer.